The PALFINGER Group is pursuing its continuous expansion of its U.S. operations by taking over the U.S. company Automated Waste Equipment, Inc. (AWE).
The producer of container-handling systems, headquartered in New Jersey, has its strongest presence in the Northeast, and holds a market share of up to 70% in some states. It is the second largest manufacturer of cable hoists in the US. In the past few years the economic downturn in the US has led to significant market consolidation.
PALFINGER is using this opportunity to continue its growth path.
“For us this acquisition is a further step in our strategy pursued in the US, namely to strengthen local production and gain additional market share,” said Herbert Ortner, CEO of PALFINGER AG. “It gives us access to a product range that is in line with the needs of American customers in this segment.”
In the US, cable hoists are the most commonly used systems. In contrast to hook lifts, which are customarily used in Europe, these container-handling systems use a cable system that moves the containers. AWE produces and distributes both systems, which makes it an excellent supplement to the technologically more advanced PALFINGER PALIFT portfolio.
Moreover, PALFINGER will gain access to a valuable customer base in various relevant industries. At the same time PALFINGER’s broad dealer network offers significant potential for AWE products, which now only have a limited geographical reach.
With a staff of almost 40, AWE generated revenues of approximately $13 million in 2008. The company is going to further increase PALFINGER’s penetration of the US market. After the acquisition of Omaha Standard, Inc. in the autumn 2008, this is the next step towards strengthening the platform for future growth in the North American area.